PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490242
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490242
Automotive OEM Market size was valued at USD 36,675.87 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Automotive OEMs are companies that produce parts and equipment that are used in the assembly of new vehicles. These manufacturers supply components such as engines, transmissions, and electronic systems directly to automotive companies, which then use these parts to build complete vehicles. OEMs are crucial in ensuring the quality, safety, and performance of vehicles, as they adhere to stringent manufacturing standards and specifications set by the automakers. In addition to supplying parts for new vehicles, OEMs also provide replacement parts that meet the original specifications, ensuring compatibility and reliability for repairs and maintenance.
Automotive OEM Market- Market Dynamics
Innovations in technology and evolving product offerings to propel market demand
The automotive OEM market is poised for significant growth, driven by innovations in technology and evolving product offerings. As nations implement stricter fuel efficiency regulations, the demand for lightweight, fuel-efficient OEM parts is expected to rise, expanding the market size. Government initiatives promoting the use of original products to reduce pollution, coupled with increasing disposable income in developing countries, are also anticipated to drive market growth. Additionally, the growing demand for hybrid and luxury cars in these regions will further boost the automotive OEM market.
Automotive OEM Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Component Type segmentation, external body and interior were predicted to show maximum market share in the year 2023
Based on Vehicle Type segmentation, commercial vehicles were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive OEM Market is segmented based on Component Type, Sales Channel, Vehicle Type, and Region.
The market is divided into three categories based on Vehicle Type: electric vehicles, passenger cars, and commercial vehicles. The commercial vehicles segment is expected to see substantial growth, driving increased demand for original equipment manufacturing parts during the forecast period. As economies grow, there is an increased need for the transportation of goods and services. This drives demand for more commercial vehicles such as trucks and delivery vans. With the rise of e-commerce, there has been a significantly increased demand for delivery services. Companies need more commercial vehicles to handle the logistics of transporting goods from warehouses to consumers.
The market is divided into six categories based on components: powertrain, chassis, body, electronics and electrical, and external body and interiors. The external body and interior segments are anticipated to dominate the market in 2023. The segment is also expected to experience significant growth, as these parts are more susceptible to damage.
Automotive OEM Market- Geographical Insights
Geographically, this market spans North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Increased automobile sales and demand for passenger and commercial vehicles with advanced brake technologies have boosted the market size of OEMs in Europe. The Asia Pacific market is also expected to see significant growth during the forecast period due to rising vehicle demand. North America remains the most advanced market for the automobile sector globally.
Companies in the automotive OEM market employ various strategies such as investment in technologies, such as electric and autonomous vehicles, to stay at the forefront of industry advancements. Emphasizing innovation, they develop lightweight, fuel-efficient components to comply with strict regulatory standards. Forming strategic partnerships and collaborations with tech firms and other automakers enhances their product offerings and market reach. Companies also prioritize quality and reliability to foster brand loyalty, utilizing data analytics and customer feedback to continuously improve their products and services. Expanding into emerging markets and optimizing supply chain efficiency are additional strategies to maintain a competitive edge.
In August 2022, 3M's Collision Repair Academy was officially launched in Australia and New Zealand. The academy provides educational content aimed at painters, body shop technicians, and students in automotive repair technical schools. This initiative is designed to help them develop skills that enhance productivity and efficiency.
GLOBAL AUTOMOTIVE OEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Toyota Motor Corporation.
Volkswagen AG.
Nissan.
Honda Motor Co.
Magna International Inc.
Continental AG.
CIE automotive.
Siemens.
BMW AG.
Exide Industries Limited
Denso Corp.
Robert Bosch, GMbH.
Valeo
Aptiv
Ford Motor Company.
Mitsubishi Motors Corp.
Others